Imperial Oil Defers Drilling in Canada's Beaufort Sea

Imperial Oil Ltd said on Friday it is deferring plans to drill an exploratory well in the Beaufort Sea in Canada's Arctic as it seeks an extension to the length of its exploration license in the region.

Pius Rolheiser, a spokesman for the company, said the license, which it shares with Exxon Mobil Corp and BP Plc, expires in 2020 and it is asking the Canadian government for a nine-year extension so it can complete the regulatory process and have adequate time to make a decision on how or when it will drill a well in the region.